Adidas sees improving UK performance as sales jump in double-digits

Adidas UK has filed its accounts for 2024 and they show a marked improvement compared to the 2023 results.

The company’s sales increased by 14% to £1.283 billion. As well as being an improvement on 2023 it also reversed the declining trend scene in that year when sales had fallen by 9%.

The rise this time consisted of a wholesale increase of £144.7 million as well as an increase of £5.766 million in its own retail stores and £7.27 million via its online channel.

Gross profit increased to £269.7 million from £217 million and operating profit rose to £50.373 million from £36.25 million. Profit before tax was up to £45.858 million from £30.859 million, despite the company paying more tax this year. Its final profit for the financial year was £33.458 million, up from £21.994 million.

The gross profit margin also improved to 21% from 19% and the operating profit margin was 4% compared to 3% a year earlier.

But the company said that for 2025, it continued to expect macro economic challenges and geopolitical tensions to persist. That said, its 2025 outlook was positive driven by a strong brand momentum with high consumer demand for its products.

The company’s UK-specific results for 2025 won’t be available for another year, although globally it has been reporting higher sales and profits for this year, despite a very challenging backdrop.